The Springhirst hotel restoration project will be a great addition to downtown Fort Stockton as well as address the constant need for lodging in this West Texas hub.
Occupancy rates have been constantly growing in that area, there is a great need for high-end lodging. The closest comparable to this type of a boutique hotel is the Gage Hotel, located 60 miles south in the town of Marathon. The Gage is charging anywhere from 174.00 to 450.00 per room and is 80% booked, 6 months out on a consistent basis.
The plan will be to capitalize on the executive and middle to upper class markets that are looking for an upper-scale experience in both lodging and dinning.
The hotel will undergo meticulous restoration, enhancing its ambiance with lavish upgrades inspired by the rich cultural essence and strong heritage of the Southwest Spanish spirit. The hotel will have 20 upgraded rooms and 4 executive suits. A steakhouse will be integrated into the main floor and serve signature steaks as well as provide a full bar.
** Please note that the renderings will be updated after we receive structural engineering survey details.
The building that is attached to the north of the existing Springhirst has been put under contract and will be incorporated in the current renovation.
It will include the addition of a roof top bar which has been requested by the city. The land to the East has been purchased and will provide additional parking as well as an anticipated future expansion of 24 rooms and 8 suits.
Phase one is a five million dollar project and the local government (city/EDC) will contribute a combined $1.1 million in grants. We also plan to leverage the PACE financing program that should cover at least 20% of the project.
Below please find our project financial proforma including performance projections for an 8 year horizon (click the proforma to expand it).
This document is strictly confidential and is not intended for public distribution. It should not be construed as an investment prospectus.